At first glance, risk management may seem to be an overwhelming undertaking. Typically, the operational risks that you have to contend with are not only sophisticated but also varied. Putting the necessary systems in place to effectively prioritize and manage those risks can strain your operational set up all the more. When you evaluate risks that your company faces, you are bound to realize that there are three primary sources of most issues: people, assets, and processes. Computerized Maintenance Management Software (CMMS) aims at automating maintenance tasks and streamlining data, thus enabling you to manage your risks more effectively. Here’s how CMMS solutions can optimize your risk management strategy.
They Provide Data For Effective Risk Evaluation
Studies indicate that most companies cite the failure of critical data assets as the most significant risk that they face. How your company responds to this risk is a strong indicator of the overall effectiveness of your risk management strategy. CMMS can help you prevent this risk and the resultant effects such as unscheduled equipment downtime and high operating costs.
Companies that are considered best-in-class as far as risk management is concerned always do a good job when tracking equipment data. By leveraging CMMS, you will be able to garner detailed historical records relating to past inspections and work orders on your equipment and systems. As a result, you get an idea about possible causes of failure and how to mitigate them.
Standardization And Automation Of Workflows
Undoubtedly, one of the most significant aspects of risk management is workflow automation and standardization. To prevent typical risks such as data breaches, your company should excel at gathering data as well as putting it into good use. A suitable CMMS solution enables you to undertake regular and instantaneous data maintenance operations.
Likewise, CMMS can be an essential tool for implementing risk management strategies for tracking and organizing data required to enforce sound risk management policies. With the right CMMS solution, it will also be easier for employees to understand and manage risks that affect your organization. One of the core CMMS functionalities is the implementation of procedures for preventive and corrective actions.
CMMS Solutions And Risk-Based Maintenance
Risk-based maintenance is a strategy used when there’s a possibility that an asset’s failure will have severe consequences. To put this into perspective, those assets that carry a significant risk should get prioritized when undertaking maintenance. Maintenance entails conducting activities that maintain or reestablish an asset in a specific condition. This way, the asset will be able to deliver its determined service.
A good CMMS solution utilizes failure histories, asset inter-dependencies, and risk scores to recommend optimized work schedules that prevent costly interruptions. Similarly, it flags potential problems so that preventive action can be taken early.
Every project has inherent risks. Even so, few project managers adequately prepare for the possibility that something could go wrong. By implementing a thorough risk contingency and mitigation plan that factors in the probability of occurrence, nothing will be left to chance. Should the unexpected happen, you will have a plan to deal with it effectively.
Leveraging CMMS Software To Enhance EHS
Environmental Health and Safety (EHS) is one of the most significant management practices to keep in mind. Issues related to EHS can turn out to be risks if you fail to handle them as required. Regardless of the size of your company, it’s imperative to show employees that you care about their safety. A preventive maintenance system makes it easier for you to pinpoint things that could turn out to be maintenance or safety issues.
Every company faces a constant demand for higher productivity. This, coupled with daily routines, can make managers forget about workplace safety. The safety of your assets and facility is a risk in itself. Inadequate facility management can lead to costly disasters. Safety standards, machine guidelines, and risk assessments ought to be computerized.
CMMS provides the perfect solution for ensuring the safety of your assets and facility. With a suitable CMMS solution in place, you are guaranteed a comprehensive safety product range for your entire asset maintenance system. It comes with specific safety functionalities that allow you to meet your current production demands while remaining flexible enough for future needs.
As part of your risk management framework, CMMS also enables you to undertake asset safety integration conveniently. This entails incorporating safety-related functionalities into your overall risk management strategy. Consequently, you will reap benefits such as fewer components and lower costs.
CMMS And Regulatory Compliance
There are dozens of regulatory agencies whose mandate is to govern the way you conduct business. For instance, the Occupational Safety and Health Administration (OSHA) oversees issues related to workplace safety. Likewise, the Food and Drug Administration (FDA) protects the general public by ensuring that consumer products meet the highest quality. By failing to adhere to regulatory compliance standards, you will be exposing your company and all its stakeholders to a myriad of risks.
To avoid costly fines, you must not only comply with regulatory standards but also demonstrate your compliance stance whenever it is required of you. CMMS software helps you to comply with regulations by reducing the effort and money that goes into self-assessments. By leveraging these solutions, it will be easier to generate detailed reports relating to work done on assets to ensure compliance. The effectiveness of your risk management strategy depends on how organized your operational setup is.
With a CMMS solution, it’s easier to streamline all risk management processes. For instance, you will be able to manage all aspects of your company’s risk management strategy, from initial development to implementation. A CMMS also provides you with a solution for centralizing data while automating maintenance management tasks. Often, most risks arise from the failure to manage data and the use of outdated systems effectively.
In today’s tech-savvy world, CMMS solutions are some of the most powerful risk management tools that you have at your disposal. If you incorporate CMMS solutions into your risk management strategy, you will be able to steer your projects forward without worrying about the safety of your assets and facilities.
Ken Lynch is an enterprise software startup veteran, who has always been fascinated about what drives workers to work and how to make work more engaging. Ken founded Reciprocity to pursue just that. He has propelled Reciprocity's success with this mission-based goal of engaging employees with the governance, risk, and compliance goals of their company in order to create more socially minded corporate citizens. Ken earned his BS in Computer Science and Electrical Engineering from MIT. Learn more at ReciprocityLabs.com.